The ASX has fallen 1.47 per cent or 105 points at the closing bell, coinciding with surprising news coming out of Japan.
The BOJ said it would ease the operation of its yield curve control policy.
The board said it would keep most of its policy setting unchanged. However, it will widen the allowable band for its 10-year government bond yields to 50 basis points, up from 25 basis points. The BoJ said the move would “improve market functioning and encourage a smoother formation of the entire yield curve, while maintaining accommodative financial conditions.”
FuturesThe Dow Jones futures are pointing to a fall of 199 points.
The S&P 500 futures are pointing to a fall of 29.5 points.
The Nasdaq futures are pointing to a fall of 108.75 points.
The SPI futures are pointing to a fall of 111 points when the market next opens.
Best and worst performersAll sectors closed in the red. The sector with the fewest losses was Utilities, down 0.06 per cent. The worst-performing sector was Information Technology, down 4.22 per cent.
The best-performing large cap was Steadfast Group
(ASX:SDF), closing 2.06 per cent higher at $5.44. It was followed by shares in AGL Energy
(ASX:AGL) and OZ Minerals
(ASX:OZL).
The worst-performing large cap was REA Group
(ASX:REA), closing 7.74 per cent lower at $108.88. It was followed by shares in Xero
(ASX:XRO) and WiseTech Global
(ASX:WTC).
Asian newsSo far, Japan's Nikkei has lost 2.66 per cent, Hong Kong's Hang Seng has lost 1.96 per cent and China's Shanghai Composite has lost 1.49 per cent.
Company newsAvecho
(ASX:AVE) signs an agreement with NYSE-listed consumer products leader Perrigo to develop TPM-enhanced ibuprofen gel for the US market. Avecho CEO, Dr Paul Gavin, said: “ We have previous experience developing topical diclofenac for clinical trials and commercialization, and look forward to including these learnings in the new ibuprofen product.” Shares last traded 10 per cent higher at 1.1 cents.
LBT Innovations
(ASX:LBT) a leader in medical technology automation using artificial intelligence, has received an initial Purchase Order from Thermo Fisher Scientific, to support development of an APAS Pharma analysis module. The module is an artificial intelligence software intended to automate microbial quality control applications. LBT CEO and Managing Director, Mr Brent Barnes said: “This agreement demonstrates the potential opportunity we both see in the pharmaceutical quality control market.” Shares last traded 10 per cent higher at 5.5 cents.
Meteoric Resources
(ASX:MEI) has announced that metallurgical tests have confirmed Caldeira as an ionic adsorption clay REE deposit. In response, Director, Andrew Tunks said, “The excellent recoveries in this simple process is a crucial observation and shows that for the Capo do Mel Prospect, a considerable portion of the target REE are adsorbed onto the clays. In layman’s terms, this means the REEs are bonded onto the outside of the clay minerals (adsorbed) and can be recovered by washing the clay in a weak ammonium sulphate solution at room temperature and pressure.” Shares last traded 3.86 per cent lower at 4.3 cents.
Emerging lithium producer Sayona Mining (ASX:SYA; OTCQB:SYAXF) is on target for the recommencement of production at its flagship North American Lithium (NAL) operation in Q1 2023, with procurement, permitting and construction activities continuing to advance. Procurement was 99 per cent completed as at the end of November, with nearly all major procurement items received at site. Contracts have been awarded for all critical installation items, including the Belt Filter, while the installation of key items such as the Apron Feeder and Derrick screens has been completed. Sayona’s Managing Director, Brett Lynch commented: “Time is of the essence to get into production at NAL and I’m pleased with the progress made to date, with the operation on track for production of the first saleable spodumene (lithium) concentrate in Q1 2023.” Shares last traded 4.76 per cent lower at $0.2.
Galan Lithium
(ASX:GLN) is pleased to announce a maiden drilling program at the newly defined Fry’s Block located within its 100 per cent owned Greenbushes South Lithium Project. Diamond drilling is scheduled to commence in late January 2023, pending receipt of program of works (POW) approvals. The Greenbushes South Lithium Project (the Project) (refer Figure 1) is located 250 km south of Perth, in Western Australia and covers an area of approximately 315 km2. Galan’s Managing Director, JP Vargas de la Vega, commented, “We now have three highly prospective targets, land access, a drilling contractor and ideal weather conditions ready for our maiden drilling campaign at our fully owned Greenbushes South Lithium Project.” Shares last traded 4.69 per cent lower at $1.015.
Strike Energy (Strike - ASX: STX) provides an update on the forward drilling activities at the broader West Erregulla gas field on behalf of the EP469 JV. Strike Energy is operator and the holder of a 50 per cent joint venture interest in EP469, and Warrego Energy (ASX: WGO) a holder of the other 50 per cent joint venture interest. Chief Executive Officer & Managing Director, Stuart Nicholls said: “Strike and its joint venture partner, Warrego Energy share the view of the material prospectivity in the broader West Erregulla area and have committed to drilling this identified upside in late 2023 and early 2024.” Shares last traded 6.25 per cent lower at $0.3.
Commodities and the dollarGold is trading at US$1,800.40 an ounce.
Iron ore is 3.1 per cent lower at US$109.20 a tonne.
Iron ore futures are pointing to a 0.31 per cent rise.
Light crude is trading $0.31 higher at US$75.50 a barrel.
One Australian dollar is buying 66.41 US cents.
